TRIB - Trinity Biotech plc (TRIB) Q1 2024 Earnings Call Transcript
2024-05-23 18:44:08 ET
Trinity Biotech plc (TRIB)
Q1 2024 Results Conference Call
May 23, 2024 08:30 AM ET
Company Participants
Eric Ribner - Investor Relations
John Gillard - Chief Executive Officer
Des Fitzgerald - Chief Financial Officer
Conference Call Participants
Jim Sidoti - Sidoti & Company
Presentation
Operator
Greetings, and welcome to the Trinity Biotech First Quarter 2024 Earnings Call.
[Operator Instructions] As a reminder, this conference is being recorded. I would now like to turn the conference over to your host, Eric Ribner, Investor Relations for Trinity Biotech. Thank you. You may begin.
Eric Ribner
Thanks very much. Before we begin, please note that statements made during this presentation may be deemed forward-looking statements within the meaning of federal securities law. These statements are subject to known and unknown risks and uncertainties that may cause actual events to differ from those expressed or implied in such statements. These risks include, but are not limited to, those set forth in the risk factor statement in the company's annual report on Form 20-F filed with the Securities and Exchange Commission. Trinity Biotech undertakes no obligations to publicly update or revise these forward-looking statements to reflect events or circumstances after today or the occurrence of unanticipated results.
And with that, I will turn it over to John Gillard, CEO of Trinity Biotech.
John Gillard
Good morning, everyone, and thank you for joining today's call. We appreciate your interest in the company. This quarter, we are pleased to report significant advances are being made across our entire business. We are growing our revenue base while, at the same time, delivering higher profit margins.
We had almost 40% quarter-on-quarter revenue growth in Point-of-Care revenues driven by the successful scaling of rapid HIV test output. This was accompanied by a 360 basis point improvement to gross margins quarter-over-quarter.
We remain on track to achieve annualized revenues of approximately $75 million by Q2 2025 with approximately $20 million in EBITDASO. That is earnings before depreciation, amortization, tax and share-based compensation costs from our existing business.
Now let me walk you through some of the key achievements and provide more details across the 3 main priority areas for our new leadership team, which were: one, growing TrinScreen HIV revenue; two, moving from the planning to the execution phase for the key initiatives underpinning our comprehensive transformation plan; and three, progressing our main long-term growth strategy based on our newly acquired continuous glucose monitoring or CGM technology....
Trinity Biotech plc (TRIB) Q1 2024 Earnings Call Transcript